The company has entered into binding coal sales contracts with several buyers which will involve the sale of more than 30,000t of coal per month from the mine.

Prophecy has installed significant water- pumping capacity at the mine location and will soon start pit-dewatering, with an aim to commence mining fresh coal by November 2013 and thereafter on a continued basis.

Mining operation of Ulaan Ovoo mine has been curtailed since July 2012, and the company said it will deliver some orders in August and September from the existing coal stockpile.